Market Mantra: 04/08/2017 (09:00)
SGX-NF: 10030 (-8)
For the Day:
Key support for NF: 10010/9970-9945/9920
Key resistance for NF: 10100/10155-10205
Key support for BNF: 24700-24550
Key resistance for BNF: 25150-25275
Hints for positional trading:
Time & Price action suggests that, NF has to sustain over
10100 area for further rally towards 10155-10205* & 10275-10325 in the
short term (under bullish case scenario).
On the flip side, sustaining below 10080 area, NF may fall
towards 10014/9980*-9945/9925 & 9875-9825 area in the short term (under
bear case scenario).
Similarly, BNF has to sustain over 25150 area for further rally
towards 25275-25500* & 25695 -25865 area in the near term (under bullish
case scenario).
On the flip side, sustaining below 25100-25050 area, BNF may
fall towards 24925-24700* & 24550-24350 area in the near term (under bear
case scenario).
As par early SGX indication, Nifty Fut
(Aug) may open around 10030, almost flat tracking subdued global cues after
another US political jitters & concern of an impending trade war involving
China & Russia with US. China & also Russia has promised strict countervailing
measures to curb equivalent US exports to them, such as Soybean etc.
US market (DJ-30) yesterday closed
almost flat, but SPX-500 & NASDAQ closed in slight negative on sales of FANG/tech
shares; the overall market sentiment including USD/US bond yields was also
adversely affected due to bug miss in headline ISM Non-Mfg PMI report along
with the employment portion; although service PMI & factory orders were good.
Market is more interested about US
employment & wage growth and thus today’s US NFP data may be vital,
specially the average hourly earnings growth, which is poised to come at 0.3%.
But apart from economics, politics may
have also impacted the US market sentiment yesterday as the special counsel
Muller has issued a grand jury subpoenas in the Trump-Russia election
interference issue involving his son’s meetings with the Russian lawyer, who
may be an ex-KGB spy (lawyer) in disguise; yesterday US senators has also
introduced a legislation, whereby Muller can’t be fired by the President (Trump).
Back to home, Indian market continue to
digest impact of RBI policy and GST on the earnings, which is so far may be
termed as good/mixed, but not a great surprise justifying a TTM PE of over 25
as of now.
Technically, Nifty-Fut (Aug) needs to
stay above 10010-9970 area now; otherwise expect more correction.
SGX-NF
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